Category Archives: ERC20

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Coinbase Lists Its First Ethereum ERC20 Token, 0x

Coinbase, the biggest cryptocurrency exchange headquartered in the United States, has listed its first Ethereum ERC20 token. The lucky ERC20 token is 0x, the #25 crypto on CoinMarketCap with a market cap of USD 414 million as of this writing on 12 October 2018. This opens up the door for many more Ethereum ERC20 tokens to be listed on Coinbase.

Getting listed on Coinbase is major news for any crypto since it makes them easily available throughout the United States as Coinbase is the go-to place to buy crypto in the country. This increases demand and price for any crypto that gets listed on Coinbase. It has been announced a while ago that 0x would likely be added to Coinbase, and 0x began to rally in the middle of September from USD 0.51 to USD 0.77 today, a 50% rally. The rally became more aggressive in the past couple of days due to Coinbase finally listing 0x. 0x is available for fiat to crypto trading on Coinbase Pro, and will soon be rolled out across all Coinbase platforms.

0x is the 6th crypto to be listed on Coinbase, the others being Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and Ethereum Classic. Coinbase announced near the beginning of October that it was opening a new application process, and was planning on adding every possible crypto to its exchange, eventually becoming like Binance which has hundreds of cryptos available for trading. 0x is just the first of many cryptos that will likely be added to Coinbase, and as seen with 0x, getting added to Coinbase has a very positive impact on a crypto’s market price. Therefore, if Coinbase truly ends up listing all major cryptos, it could have a significant impact on the overall crypto market.

ERC20 is a protocol to make a token using the Ethereum blockchain, which is essentially a cryptocurrency that uses the Ethereum blockchain to secure itself. Numerous major cryptos are Ethereum ERC20 tokens, like Binance Coin, Maker DAO, OmiseGO, Aeternity, Basic Attention Token, Golem, Holo, Augur, Status, Populous, Waltonchain, and Chainlink. These are just the ERC20 tokens that have market caps in excess of USD 100 million, there are many more besides this with lower market caps that are still quite popular.

Now that Coinbase has added 0x, it would be quite easy to add any other ERC20 token since they use the same backbone technology, and considering Coinbase’s new policy to add every worthy crypto, it is likely that many more ERC20 tokens will be added to Coinbase in the coming months.

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Ethereum Tokens Surge on Coinbase Announcement of ERC20 Token Support

Cryptocurrency exchange Coinbase has announced that it will be adding support for ERC20 tokens “in the coming months”, prompting a slight price rise across the board for ERC20 assets in trading markets.

The first step will involve its “Custody” team in a process to evaluate a set of ERC20 assets to support for withdrawal and deposits. Having identified them, it will seek to obtain regulatory clarity for selected assets, which will first be listed on its Global Digital Asset Exchange (GDAX) exchange and trading platform.

Coinbase has a policy of monitoring performance digital assets listed on its GDAX exchange, eyeing aspects of “market health metrics” such as liquidity and price stability before eventually offering them on its flagship Coinbase exchange, which offers easier buying and selling of major cryptocurrencies in exchange for fiat currencies in over 30 countries.

Despite the lack of announcements to list specific tokens, speculators reacted to the news by buying up ERC20 tokens believed most likely to make the cut. This resulted in a noticeable surge in prices of 0x (a protocol for trading tokens) and REP (ERC20 token native to the Augur predictions platform), offering some respite to an altcoin market weary from weeks of diminishing prices.

Things did not go too well the last time Coinbase added a new asset to its exchanges, as its botched addition of Bitcoin Cash saw live trading moments before the official announcement. Several traders apparently took advantage of the momentary spike in price, leading to accusations of insider trading and fraud.

Coinbase has no plans to add any approved ERC20 tokens to its Coinbase Commerce service.

ERC20 tokens are digital assets created using the official Ethereum Request for Comments (ERC) protocol 20 for proposing improvements to the Ethereum network. There are several protocols, among which ERC20 has been the most popular, with the majority of projects launching since 2017 creating smart contract tokens on the Ethereum blockchain that comply with the ERC20 protocol.

To date, over 500 ERC20 tokens are actively trading, as tracked by CoinmarketCap.

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